Sultan Resources has allocated A$1.1 million (approximately N$13.3 million) to commence exploration work on its newly acquired Damara Gold Project (EPL 7895) in Namibia.
The funds, raised through a recent placement, will support early-stage exploration, geological mapping, and geophysical surveys as the company positions itself within Namibia’s expanding gold and critical minerals corridor.
The Damara Gold Project, covering 151.98km², is located in the North Central Zone of the Damara Belt, a region renowned for its orogenic gold systems.
The licence area lies within the same tectonostratigraphic domain as WIA Gold’s Kokoseb Deposit—which hosts 89 million tonnes at 1.0 g/t gold for 2.93 million ounces—and Osino Resources’ Ondundu Deposit, with 26 million tonnes at 1.13 g/t gold for 0.9 million ounces.
According to Sultan, the tenement remains underexplored but displays strong geological similarities to these major deposits.
The project is largely underlain by Neoproterozoic metasedimentary rocks of the Damara Supergroup, comprising schistose quartz-feldspar-mica metagreywacke, calcareous metapelite, quartzite, dolomite, and marble—formations historically linked to gold mineralisation across the belt.
Beyond its gold potential, the project also offers exposure to rare earth elements (REE) and niobium, as it lies just north of the Etaneno syenite intrusive complex, part of Namibia’s Damaraland Igneous Province.
The nearby Ondurakorume Complex, only 10 kilometres away, is known for its REE-phosphate and niobium mineralisation, suggesting the potential for multi-commodity targets within Sultan’s ground.
Sultan Resources entered into the acquisition agreement on 17 September 2025 to purchase the Damara Gold Project from Aldoro Resources Limited (ASX: ARN) as part of a deal that also includes the Niobe and Narndee projects in Western Australia.
Under the terms of the transaction, Sultan will acquire 100% of the issued capital in Gunex Pty Ltd, the holder of the Namibian and Australian projects.
The acquisition is subject to shareholder approval at the company’s Annual General Meeting on 26 November 2025.
Sultan Resources will hold an 85% beneficial interest in the Damara Gold Project, while 15% will remain with Namibian Black Economic Empowerment partner Okonde Mining and Exploration CC.
The company said its Namibian investment aligns with its broader strategy of expanding into high-growth commodities across Africa and Australia.
Sultan’s cash position as at 30 September 2025 stood at A$1.08 million (N$13 million), positioning it to advance the Damara Project as a cornerstone of its new exploration portfolio.
